1962 Ferrari GTO Makes History, Sells for Astonishing $51.7 Million
Car fanatics everywhere are in awe over the recent 1962 Ferrari 330 LM/250 GTO by Scaglietti that fetched a staggering $51.7 million at an RM Sotheby’s auction. This car now holds the record for the most expensive car ever auctioned from the illustrious Italian automaker, Ferrari.
This car was positioned as a luxury object in front of a piece by contemporary artist Jonas Wood. To put it simply, this is not just a car; it is a work of art and a historic masterpiece. And its price tag matched its exclusive status.
A Rarity Amongst Legends
Why did this Ferrari go for so much? That is a valid question, for sure. The main reason is that this Ferrari 250 GTO is one of only 36 models ever produced between 1962 and 1964. Owners of the other models include Ralph Lauren and Nick Mason of Pink Floyd. Talk about fame!
This car, chassis number 3765, is even more special than the other 35 models because it was originally a 330LM that was transformed into a 250 GTO. And it was the sole car raced by Scuderia Ferrari, the revered racing arm of the carmaker.
This car was sold to a Sicilian surgeon in 1964 for a mere $6,000, and it just sold in an auction for $51.7 million. Now that’s a glow-up.
Missed Expectations in a Changing Market
While this price tag may sound incredibly high, it is still not the all-time auction record for RM Sotheby. That title goes to a Mercedes-Benz 300 SLR Uhlenhaut Coupe that sold for €135 million, or around $168.8 million.
What is more interesting is that this Ferrari 330 LM/250 GTO was expected to sell for more but fell short of those expectations. Experts like Simon Kidston speculated that this car’s complex backstory may have hindered its mass appeal among car collectors.
Notable Seller and Remarkable Appreciation
Who was the lucky seller of this car? That would be Jim Jaeger, an Ohio-based collector and co-founder of a radar detection business. He bought the vehicle in 1985 for around $500,000. Over the last 38 years, the car has appreciated by $51.7 million. That increase makes me marvel at the investment potential that there is in vintage automobiles.